2. What was the amount of budgeted fixed overhead cost for the year? Budgeted fixed overhead cost 3. What was the fixed overhead budget variance for the year? (Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and None for no effect (i.e., zero variance).) Budget variance 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year? (Round Fixed cost element of the predetermined overhead rate to 2 decimal places.) Exercise 1OA-5 Using Fixed Overhead Variances [LO 10-4) The standard cost card for the single product manufactured by Cutter, Inc., is given below: Standard Cost Card-per Unit Direct materials, 4.6 yards at $5.00 per yard $ 23.00 Direct labor, .9 hours at $16.00 per hour 14.40 Variable overhead, .9 hours at $3.00 per hour 2.70 Fixed overhead, .9 hours at $6.00 per hour 5.40 Total standard cost per unit $ 45.50 Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 10,190 hours and manufactured 11,100 units of product. Selected data relating to the company?s fixed manufacturing overhead cost for the year are shown below: Fixed Overhead Actual Fixed Applied to Overhead Budgeted Fixed Overhead Work in Process ? hours x $? per hour $52,800 ?? Budget variance, $? I Volume variance. $8.340 F ? Required: 1. What were the standard hours allowed for the year?s production? (Round Standard hours per unit to I decimal place.)